Jewelry

Precious
jewels such as dazzling diamonds, gold, and elegant pearls can
render a person merciless to their beauty. Koreans are especially
interested in fashion and beauty, making precious jewels and
metals, without a doubt, extremely important elements. Shopping
for precious jewels and metals is a popular leisure activity.
However, the trends are changing. In the past, people preferred
expensive and large jewels, whereas today, more people prefer
simple and practical jewels. The consumers are no longer middle-aged,
but a younger generation that has now taken over.

Shopping
areas for precious jewels and metals can be divided largely
into three locations. Luxurious top quality jewels can be found
in department stores. Less-pricy and more affordable shopping
can be found in retail stores like Minigold and Lloyd with products
in the mid-price ranges. Wholesale stores are popular for soon-to-be-wed
couples looking for affordable quality jewelry for their wedding.

Therefore, let’s compare the prices and the quality
of products at the three shopping places mentioned above.

[Price Comparison]

Because jewel products usually are not manufactured in common
designs, it is almost impossible to set a price standard for
comparison. For that reason, as the next best price comparison
standard, we will look at the price of a woman’s simple 14k
gold band weighing about 3.7kg, most commonly sold in all three
types of stores.

[As of February 2007]

Department
Stores

Lloyd,
Minigold, Retail Stores

Wholesale
Stores

180,000
~ 220,000 won

90,000 ~ 120,000 won

70,000 ~ 80,000 won

● Department Stores:
Here, the quality of the products is guaranteed, but very expensive.
(A fixed price system)● Retail
Stores: Price range falls between department store and
wholesale store prices. (A fixed price system)●
Wholesale Stores: Most affordable prices are offered
because the products come directly from the factory. If you
have strong negotiating skills, try shopping at a wholesale
store. You can bargain for a slightly cheaper price depending
on how well you talk.

[Design & Quality Guarantee]

● Department Stores:
Department stores offer the most definite product quality guarantee.
Also, department stores house a large variety of luxury jewelry
brands. If you prefer luxury brands, shop in one of the department
stores. The design quality is guaranteed, but the design range
is wider in wholesale stores.

●
Retail Stores: The most popular retail stores are Minigold
and Lloyd, followed by various individual retail shops. Minigold
and Lloyd are the largest retail chains, and they offer product
quality guarantees. The variety of product designs is also quite
large, and is targeted primarily to the younger generation.
Other local retail stores offer product qualities similar to
that of wholesale stores, and the customers are usually made
up of middle-aged groups and older. There are retail shops specializing
in luxury jewelry in the Gangnam, Cheongdam-dong and Apgujeong
areas, noted for their quality design and products.

● Wholesale Stores: Small
wholesale shops are housed in one large building complex. The
numerous shops offer a wide range of designs to choose from.
The range of designs offers more variety than the department
stores and retail stores. The quality of products is usually
credible, but the quality of precious stones like diamonds is
not as high as those sold in department stores.

*
Click on each picture to view the directions to
and detailed information on each department store.

● Retail
Stores

Lloyd and Minigold stores can usually be found in any commercial area. Today
precious jewels and metals retail stores mostly come in the
form of chain retail shops, but in nearby markets outside of
Seoul and in the countryside, you can still find a few “Gold/Silver
Shop” retail stores, which were once popular retail stores
in Korea. A few luxury retail stores are also located in the
Apgujeong and Cheongdam-dong area.

● Wholesale
Stores The most popular precious jewels and metals
wholesale complexes are the Gangnam Jewels & Gold Complex
located next to Honamseon Gangnam Express Bus Terminal, the
Samho Woojoo Jewelry Fashion Town located in Namdaemun Market,
and the Jongno precious jewels and metals wholesale street located
between Jongno 1-ga and Jongno 5-ga. Of the three, the Jongno
wholesale street is the most well known.

Jongno Precious Jewels &
Metals Wholesale Street

The
precious jewels and metals wholesale complexes line
the streets of Jongno 1-ga to Jongno 5-ga. There
are a total of about 3,000 stores, with the world’s
leading regional concentration level. The stores
located along these streets usually display a common
complex name, but each complex houses numerous different
wholesalers. From the outside, they may look like
one large store. The precious jewels and metals
complex buildings become more concentrated as you
go from Jongno 1-ga to Jongno 5-ga. The most concentrated
streets are Jongno 3-ga and Jongno 4-ga.

There
are 2 especially popular wholesale complexes along
these streets. One is the Bongjk-dong precious jewels
and metals complex alley, located behind Dansungsa
Theater and the first floor of Dansungsa Building.
The other is the Yeji-dong watches and wedding gifts
alley located in Jongno 4-ga. However, these two
areas are connected to the mains streets of Jongno,
and are naturally a part of the precious jewels
and metals complexes found along Jongno.

The majority of customers seeking this area are
soon-to-be-wed couples and the younger generation.

Directions to Jongno
Precious Jewels & Metals Complexes :
Take Seoul Subway Line #1 to Jong-gak Station or
Jongno 3-ga Station / Take Seoul Subway Line #5
to Jongno 3-ga Station / Take Seoul Subway Line
#3 to Jongno 3-ga Station→Click
for details

Gangnam Precious Jewels &
Metals Complex

Gangnam
Precious Jewels and Metals Complex is located in
a single building complex, unlike the widely spread
Jongno area. The wholesale stores are housed from
the 1st floor of the basement level all the way
up to the 8th level. Of course, the number of stores
is not comparable to that of Jongno, but the interior
is clean and simple, and the stores are larger.
The prices are similar in all three wholesale store
complexes. The customers consist of a wide variety
of people, and cannot be classified.

Directions
to Gangnam Precious Jewels & Metals Complex
: Take Seoul Subway Line #3 to Express Bus Terminal
Station, and go out of the exit toward Honamseon
(호남선) / or take Seoul Subway Line #7 to Express
Bus Terminal Station, and go out of the exit toward
Honamseon → Located next to the Central City Terminal
(Honamseon Terminal)

Namdaemun Market’s Samho (삼호) & Woojoo
(우주) Jewelry Fashion Town

Korea’s
most famous market, Namdaemun Market, provides a
wide variety of shops that sell a large variety
of products. The Samho Woojoo Jewelry Fashion Town
specializes in precious stones and metals. The precious
stones and metals stores are located mostly on the
1st floor of the basement level, and the upper floors
house wholesale accessory stores. Samho Woojoo Jewelry
Fashion Town has decreased in size compared to the
past, but it is still popular among middle-aged
customers. Since the majority of customers consist
of the middle-aged, this complex sells many jade
products and precious stone products. The prices
are similar to that of other wholesale complexes.

Luxurious
and uniquely designed accessories can be found in stores located
in the Ssamziegil complex in Insadong. There are about 70 stores
specializing in accessories, crafts, cultural items, souvenirs,
and more. The complex also houses galleries, cafes, and restaurants.
The accessory designs are known for their high quality and uniqueness.→Click for
details & directions

For
a wide variety of accessories, head for Dongdaemun Fashion Town.
There are several large complexes in Dongdaemun Fashion Town
including the Doota Tower on the 5th floor, Migliore on 5th
& 6th floor, the basement level of Jeil Pyunghwa Market
(제일평화시장), the first floor of Pyunghwa Market, the 4th
floor of Freya, the first floor of Migliore Valley, and more.
The large-scale area offers a wide variety of designs and product
materials.→Click
for details & directions

More fashion accessories can be found in the shopping districts of Myeong-dong,
Insa-dong, Jongno, Sinchon, and Ehwa Women’s University. Accessories
are mostly sold by street vendors in these areas.